ICE to Stake $5 Billion in MoonPay as Wall Street Deepens Crypto Ties

Intercontinental Exchange Inc. and MoonPay Investment

Intercontinental Exchange Inc., the parent company of the New York Stock Exchange, is reportedly in advanced talks to invest in crypto payments firm MoonPay as part of a new funding round according to reports. The company is aiming to finalize the deal at a valuation of approximately $5 billion, a significant jump from its previous $3.4 billion valuation in late 2021 according to reports. The move marks the latest effort by traditional financial institutions to deepen their ties with the crypto industry amid a more favorable regulatory climate.

MoonPay, founded in 2019, provides a platform that streamlines the conversion between fiat currencies and cryptocurrencies. Its services are used by crypto wallets, exchanges, and enterprises looking to integrate digital payment solutions. The firm recently secured a Limited Purpose Trust Charter from the New York Department of Financial Services, according to reports allowing it to expand into custody and other advanced crypto services.

The investment comes as Intercontinental Exchange continues to bolster its presence in the digital asset space. In October, the company committed $2 billion to prediction markets platform Polymarket, which was valued at $9 billion following the deal according to reports. These moves reflect a broader trend of traditional financial players increasing their exposure to blockchain-based technologies and crypto markets.

Strategic Alignment and Regulatory Credibility

The potential investment in MoonPay aligns with Intercontinental Exchange's ongoing strategy to expand its footprint in the digital asset ecosystem. MoonPay's recent regulatory approvals, including a BitLicense and a trust charter, make it a credible partner for ICE. These licenses place MoonPay among a small group of crypto firms, according to reports such as Coinbase and PayPal, that are fully authorized to operate in New York's stringent crypto environment. The firm's compliance track record is also underscored by its recent hiring of Caroline Pham, who will join as Chief Legal and Administrative Officer after completing her term at the Commodity Futures Trading Commission according to reports.

Implications for the Crypto Market

The deal could have far-reaching implications for both MoonPay and the wider crypto market. A $5 billion valuation would represent a 47% increase in the company's worth since late 2021 and could serve as a confidence boost for the sector as a whole. Investors and industry watchers may interpret the investment as a sign that mainstream financial infrastructure is increasingly viewing crypto as a viable and regulated asset class. This could lead to more institutional involvement and broader market adoption.

The move also highlights the growing convergence between Wall Street and the crypto industry. As traditional financial firms seek to diversify into digital assets, they are forming partnerships and making strategic investments to position themselves for long-term growth. Intercontinental Exchange's recent efforts to integrate stablecoins into its clearing and data services according to reports further illustrate this trend.

Broader Trends in Crypto-Finance

MoonPay's fundraising and ICE's potential stake are part of a broader wave of investment activity in the crypto sector. In 2025, crypto and blockchain firms have raised nearly $19 billion in venture capital, according to Bloomberg, the highest amount since 2022. Major players such as Ripple have also seen significant investment, including a $500 million raise at a $40 billion valuation in early November according to Bloomberg. This surge in capital underscores the increasing legitimacy of crypto infrastructure and services in the eyes of investors and institutional players.

As the crypto industry continues to evolve, regulatory clarity remains a key factor. The U.S. Securities and Exchange Commission recently approved tokenized bond offerings, and the Depository Trust and Clearing Corporation is preparing to launch its tokenized trading services according to reports. These developments suggest that real-world asset tokenization is becoming more mainstream, with potential applications in cross-border finance and decentralized platforms.

What This Means for Investors

For investors, the potential ICE investment in MoonPay signals a shift in the crypto landscape. It indicates that major financial institutions are not only acknowledging the sector's potential but are also taking active steps to integrate it into traditional financial frameworks. This could lead to more stable valuations and increased liquidity in crypto-related assets, particularly those tied to regulated infrastructure.

However, investors should remain cautious. The crypto market remains highly volatile, and regulatory shifts can quickly alter market dynamics. The valuation jump for MoonPay may be seen as a positive sign, but it is essential to monitor how the company executes its growth strategy and adapts to evolving compliance requirements.

As the deal progresses, stakeholders will be watching closely to see how it shapes the future of crypto payments and digital asset integration in traditional finance.